Iowa Bankers Mortgage Corporation ranked first among Iowa Finance Authority lenders in 2021. Through joint efforts with its Heritage bank partners, IBMC served 239 homebuyers with a cumulative loan amount of more than $25 million last year.
Lenders who are set up with the IBMC Heritage lending channel have access to IFA grant and loan programs that can assist with down payment and closing costs for eligible first-time or seasoned homebuyers with low to moderate incomes.
IFA loans aren’t the only option IBMC offers that can help assist your borrowers. With the purchase market now upon us, it’s a great time for a refresh on all your options. Consider the following:
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USDA Rural Development (RD) loan — A zero-money-down, government-insured loan option available to first-time and repeat homebuyers.
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Federal Housing Administration (FHA) loan — A loan option with less restrictive qualifying guidelines but still insured by the government, requiring just a 3.5% down payment.
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Veterans Affairs (VA) loan — A government-insured loan choice available to a qualifying veteran or their surviving spouse with no down payment required.
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Conventional loan — Not guaranteed or insured by the government but may require just a 3% down payment and is the most common loan product requested by borrowers.
Contact
Shana Light or
Megan Severson to learn how these options can help you assist your borrowers on their path to homeownership.
Pictured: IBMC employees Nathan Smithey, vice president of production; Shana Light, assistant vice president, business development manager; Kristi Christle, assistant vice president, production operations manager; and Megan Severson, assistant vice president, training and development representative.
Look for us at the Iowa Mortgage Association Spring Conference April 5 at the Coralville Hyatt Hotel. We'd love to discuss ways we can enhance your mortgage business.
